Overseas remittances to Ho Chi Minh City, the southern economic hub of Vietnam, reached nearly US$7.4 billion in the first nine months of 2024.

The figure marked a year-on-year increase of 10.5 percent and was equivalent to 78.1 percent of the 2023 figure, according to Nguyen Duc Lenh, deputy director of the Ho Chi Minh City branch of the State Bank of Vietnam (SBV).

Between January and September, remittances to the city totaled nearly $5.5 billion through remittance companies, making up 74.2 percent of the total, with banks processing around $1.9 billion, or 25.8 percent.

By region, Asia accounted for the largest share at 53.8 percent and saw the highest year-on-year growth at 24.1 percent.

Remittances from Oceania and the Americas also rose, increasing 20 percent and 4.4 percent, respectively.

Meanwhile, money sent from Europe decreased 19.1 percent against the same period last year. 

As remittances usually climb in the last months of every year, the whole-year figure is expected to grow around 10 percent from 2023, Lenh said.

Remittances to Ho Chi Minh City are expected to surge in the fourth quarter as overseas Vietnamese send more money home ahead of the Lunar New Year holiday, or Tet, and for investment purposes, according to remittance companies.

The city leads the nation in attracting remittances, accounting for 38-53 percent of Vietnam’s total inflows.

From 2012 to 2023, Ho Chi Minh City received over $65 billion in remittances through commercial banks, economic organizations, and remittance companies, with an annual growth rate of 3-7 percent.

Nationwide, remittances hit a record high of $16 billion last year, a 22-percent hike from 2022, according to the SBV.

From 1993 to 2022, total remittances to the country exceeded $190 billion, on par with the nation’s total disbursed foreign direct investment.

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